submortgagee

Etymology

From sub- + mortgagee.

submortgagee means one who provides a loan secured by a mortgagee's interest in a mortgage and in effect becomes the assignee of that mortgage. Lexicurio rates it Sui generis — a strength score of 100 out of 100.

noun

One who provides a loan secured by a mortgagee's interest in a mortgage and in effect becomes the assignee of that mortgage.“Accordingly, the submortgagee can take no action against the ship or owner unless and until the underlying mortgage becomes enforceable.”